Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Canadian company Celestica is specialised in the manufacture of electric appliances. The Company issued a restructuring plan in January 2005 with the dismissal of 15% of its workforce (5,500 employees). The company announced the closure of the Cerdanyola del Vallés (ancient Telesincro) plant creating 480 redundancies - 150 of which being temporary contracts - and the relocation of its activity to the Czech Republic. The plant faced € 4 million losses in 2004. These measures could also affect Celestica's plant in La Pobla de Vallbona (Valencia, Spain) as this plant lost a contract with one of its mayor customers, IBM. Although no job reduction plan have been presented to the regional authorities, the company has begun contacting labour representatives. The job reduction plan will include measures such as voluntary dismissals with compensation, labour relocation and compensation for the temporary employees.
Eurofound (2005), Celestica, Closure in Spain, factsheet number 61380, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61380.